Governor Jim Pillen has signed LB 803 into law, putting in place a series of reforms aimed at improving Nebraska’s tax climate, increasing transparency, and expanding opportunities for first-time homebuyers.
The bill, designated as the Revenue Committee’s priority measure, includes several provisions long supported by the Platte Institute. Supporters say the changes are designed to make Nebraska more competitive and affordable for residents, workers, and businesses.
Among the updates, the law strengthens the state’s Truth in Taxation process by moving public hearings earlier in the budget timeline, giving taxpayers a better opportunity to weigh in before decisions are finalized. It also adds a new limit on property tax collection growth. Local governments that want to collect more in property taxes than the previous year will now be required to hold a public hearing and receive a two-thirds vote.
The measure also creates first-time homebuyer savings accounts, allowing individuals and families to set aside money for down payments and closing costs with tax advantages. The goal is to make homeownership more accessible and support long-term financial stability.
The Platte Institute says the legislation reflects years of advocacy focused on increasing accountability and improving the state’s economic environment. The organization also credited state leaders and lawmakers for advancing the bill.